NUMISMATIC NOTES 
AND MONOGRAPHS 




COIN HOARDS 

By SYDNEY P. NOE 



THE AMERICAN NUMISMATIC SOCIETY 

BROADWAY AT 156th STREET 

NEW YORK 

1920 



| 



NUMISMATIC 

NOTES & MONOGRAPHS 



COIN HOARDS 



BY 



SYDNEY P. NOE 




THE AMERICAN NUMISMATIC SOCIETY 

BROADWAY AT 156th STREET 

NEW YORK 

1920 






COPYRIGHT 1920 BY 
THE AMERICAN NUMISMATIC SOCIETY 



©CI.A611763 



Press of T. R. Marvin & Sox, Boston 



APR 2d 1921 



COIN HOARDS 


i 


COIN HOARDS 

By Sydney P. Noe 

There is no branch of numismatics 
which would have a greater appeal to 
the average man than the study of hoards 
and treasure trove. To some it will 
cause surprise that such material should 
need study. Not so to the archaeologist 
or the historian, who often has had reason 
to be grateful for the data supplied by 
coin finds. The presentation of some of 
the causes of hoarding and of the deduc- 
tions we may draw from recovered buried 
treasure is submitted that the value of 
some of these results may be made clearer. 

We Americans, probably because we are 
without many opportunities of such a 
nature this side of the water, find this 
subject of especial interest. To be sure, 
the treasuries of the Incas of Peru which 




NUMISMATIC NOTES 





COIN HOARDS 



have been unearthed included the precious 
metals in many forms but nothing that 
has been identified as currency. The 
tumuli of the Maya and Aztec civiliza- 
tions of Central America will some day 
yield rich returns to the investigator, but 
the material heretofore secured is archaeo- 
logical or ethnological, and, like that of 
Peru, has included little of a numismatic 
nature. In both cases, the finds are more 
closely analogous to those of ancient 
Egypt where the accounts often prove 
more thrilling than fiction. It stimulates 
the imagination to read of unrined tombs 
where lie haughty princesses of long ago. 
Their jewels and the implements of their 
daily life were placed near at hand in 
readiness for the after-world, but food and 
drink were considered more necessary 
than gold. Only with the burials of the 
later and least interesting period does 
numismatic material occur. This is owing 
to the fact that the early money of the 
Egyptians consisted of bullion in an un- 
minted form whose exchange value was 
determined by weight. During the Per- 



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COIN HOARDS 



sian domination, the darics and sigloi of 
the invaders seem to have been in use to 
a limited degree, but finds show also that 
the early coinage of the Greeks circulated 
to a much more considerable extent. 

Although finds of coin do not occur in 
this country as frequently as in Europe, 
one of the basic causes of these burials, 
hoarding, is not so foreign to our experi- 
ence as might be supposed. Only when a 
hoard has been buried is there a chance of 
its becoming treasure trove and we are not 
accustomed to burying our savings. Civil- 
ization has accustomed us to other means 
of safekeeping, and experience has ap- 
proved them satisfactory. In the cities, 
our savings are placed in banks or safe 
deposits. Let there be a run on the bank, 
however, and we see a return to primitive 
conditions — deposits are withdrawn as 
quickly as possible ; and until confidence in 
some other institution overcomes the dis- 
trust caused by the failure, money is 
hoarded just as carefully as it was in the 
time of the Greeks and Romans. When 
we turn from a section remote from city 



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COIN HOARDS 



life, to districts far removed from the 
conveniences which civilization affords, 
there is little difference from the procedure 
of the Ancients. Among the miners, hid- 
ing gold-dust becomes a necessity. So 
even to-day hoarding is not as exceptional 
a thing as it is thought. 

In its essence, hoarding is a habit. Al- 
though paper money and banks have made 
it much less common, one of its milder 
forms tends to confirm it as an instinct 
only a little less deeply rooted than that of 
preservation of. life itself. There is hardly 
one of us who has not caught himself 
picking from a handful of change some of 
the new pieces designed by Weinman, 
MacNeill and Fraser and spending first 
the corresponding specimens of the earlier 
and far less attractive coinage. It must 
be conceded that this is a very mild form 
of hoarding, but so universal is this 
tendency and so far reaching is it in its 
results, that economists have formulated 
it as a law. It is known as Gresham's 
Law and was so named after the Com- 
mercial Adviser of Oueen Elizabeth. 



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COIN HOARDS 



"In every country where two kinds of legal 
money are in circulation, the bad money always 
drives out the good." 

That this was merely a re-expression of 
something recognized by the Greeks we 
learn from Aristophanes (Frogs vv 718- 
726, Brunck's ed.), who, using the practice 
to point a moral, says 

"The public has often seemed to us to treat 
the wisest and the best of our citizens just as 
it does old and new coins. For we do not use 
(spend) the latter (new, uncirculated coins) 
at all except in our own houses or abroad, 
though they are of purer metal, finer to look at, 
the only ones that are well coined and round ; 
on the contrary, we prefer to use (spend) vile 
copper pieces, struck and stamped in the most 
infamous fashion." 

The explanation of our preference for 
new or fine coins, offered by the distin- 
guished French economist Gide (Political 
Economy, Veditz' Second American Edi- 
tion, 1909, p. 238), is worth quoting: 

"Money is not destined, like other wealth, 
either for our consumption or for production, 
but solely for exchange. Of two fruits, we pre- 
fer the more luscious ; of two watches, the 



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COIN HOARDS 



one that keeps the better time. But of two 
pieces of money, unequal in quality, it matters 
little to us whether we use the one or the other ; 
they are not for our personal use, but only 
employed to pay our creditors and our trades- 
men. Hence, it would be foolish to use the 
better money for this purpose ; on the contrary, 
it is to our interest to choose the worse, and 
this is precisely what we do. Our choice is 
of course conditioned upon the assumption that 
the creditor or tradesman shall not have the 
right to refuse inferior money ; in other words, 
the bad money must have paying power as well 
as the good. When this is the case, i.e. when- 
ever both kinds of money are legal tender, 
Gresham's law is applicable. 

"This explains why bad money continues in 
circulation, but not why good money disappears. 
Where does the good money go ? It disappears 
in three different ways : by hoarding, payments 
abroad, sales by weight" 

Now, since hoarding is one of the initial 
causes of coin burials and, consequently, 
of coin finds, it may be well to consider it 
further. Let us bear in mind that al- 
though Gide was writing from the stand- 
point of modern rather than of ancient 
history, the universality of the practice 
makes his words applicable to very early 



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COIN HOARDS 



periods, and coin finds confirm this. To 
quote further : 

' 'When people want to put money aside for 
possible emergencies, i.e. when they want to 
keep it for themselves, they do not pick out 
the bad pieces to save. On the contrary, they 
choose the best, because these offer the best 
security. The panic-stricken people who wished 
to hoard money during the French Revolution 
did not waste their time saving depreciated 
paper money, — the so-called assignats, — 
but laid aside gold coins. The contemporaries 
of our Revolutionary War did not save the next 
to worthless 'continental' paper money, but 
whatever metallic money they could get hold 
of. Banks do the same thing, preferring to 
increase their supply of good rather than that 
of poor money. In this manner a considerable 
amount of the good money may disappear from 
circulation." 

Gide's conclusions, moreover, are worth 
repeating. We find good money being 
driven out by bad. 

a) "Whenever worn money is in circulation 
with newly coined money. It was in this case 
that the law was first discovered by Sir Thomas 
Gresham. New coins had been struck to take 
the place of those in circulation, which were 
greatly depreciated (far more by clipping than 



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COIN HOARDS 



by wear) ; and it was noted with dismay that 
the new coins disappeared speedily, while the 
old ones seemed to be more abundant than 
ever. Unless a government resorts to frequent 
recoinages, it will encounter great difficulties 
in replacing old and abraded coins by new ones, 
b) "Whenever light money is in circulation 
together with good money or even when good 
money is in circulation together with heavy 
money, in this case the lighter money drives 
out the other." 

A singular working out of Gresham's law 
has occurred in France as a result of the 
late war. Because of the let-up in silver 
production, without any diminishing of the 
demand, the value of silver had risen until 
the bullion value of silver coins in our own, 
and in most of the European countries, was 
above the face value of the coin. As a 
result, the silver pieces have been disap- 
pearing from circulation, the melting pot 
being their presumable destination. As 
each issue of the French mint appeared, 
the coins wefe speedily absorbed and seen 
no more. — 

To meet this condition, a rather novel 
plan was announced by the French mint on 



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COIN HOARDS 



April 15, 1920. Instead of continuing the 
issuing of silver coins, the French Chambers 
of Commerce are putting out a token coin- 
age, guaranteeing the redemption of these 
metal tokens by deposits at the Bank of 
France. Not only should this reduce the 
incentive to hoarding and make the melt- 
ing of the new coins no longer profitable, 
but it should gradually bring a reduction 
in the price of silver by decreasing the 
demand. 

Since May 1920 the price of silver has 
fallen considerably. One contributing 
cause is doubtless the changing of the 
standard for India from a silver to a gold 
basis, thus eliminating one of the largest 
markets for silver. The action of the 
French authorities as described above is 
probably another contributing element as 
is also the decision of Great Britain to 
reduce the quantity of silver in subse- 
quent coinages. With the incentive to 
return to the pre-war mining output, 
the supply is likely to become normal. 
All these factors have doubtless con- 
tributed towards the fall in the price. 



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io COIN HOARDS 



With this fall, inducement to hoarding 
passes and a return to usual conditions 
will in all likelihood follow gradually. 

If during the stringency, however, some 
peasant of rural France, distrusting the 
banks and fearing a panic, should have 
buried his savings, this hoard would afford 
a true reflection of these conditions. The 
currency from which it would be possible to 
make his savings, could not but evidence 
the scarcity of coined money in circulation, 
and in countless ways, the measures to 
which the French financial authorities 
were driven to meet conditions, would be 
demonstrated. It is this unconscious 
testimony of coin finds, as I trust we shall 
see, that provides us with some of our 
most valuable information. 

BURYING 

Only hoards that are buried are likely to 
become treasure trove. Therefore, it is 
with imperishable metallic currency that 
we are concerned. As we have seen, mod- 
ern conditions have tended to remove the 
incentives to hoarding. These circum- 

NUMISMATIC NOTES 



COIN HOARDS n 



stances have so become a part of our daily 
life that it requires an active imagination 
to conceive the contrasts under which 
the ancient peoples lived. Every man 
was his own banker. The Greeks and 
Romans did have bills of credit and 
bankers of standing. A few transactions 
were arranged through bankers without a 
transfer of money, but owing to the diffi- 
culties of travel and the need for protec- 
tion in even the most highly civilized 
sections, the guarding of one's wealth was 
a very important part of the civic life. 
They had much less money to handle and 
this increased rather than lessened the 
care with which it was guarded. It is 
recorded that the Greek soldier received 
as his pay a daric for a month's service. 

In a very interesting lecture by the emi- 
nent Dr. George Macdonald, read before 
the Royal Philosophical Society of Glasgow 
in 1903, he analyzes three of the causes why 
hoards are buried, as assigned in the Di- 
gest : Profit, Safety and Fear. Reasoning 
very carefully, Dr. Macdonald points out 
that only in the event of the death of the 



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12 



COIN HOARDS 



owner, would any hoard buried either for 
profit or safety, be likely to have been un- 
earthed. With the third motive, Fear, 
however, we have a different reaction, and 
fear was an ever-present element in the 
life of the ancient people. 

We cite two of Dr. Macdonald's illustra- 
tions : 

"When Cassius captured Rhodes, he confis- 
cated not only all the bullion belonging to the 
state or dedicated in the temples, but the gold 
and silver of all private citizens as well. The 
result promised to be disappointing. For, 
Appian tells us, when the alarm was first 
given, the citizens had gone and concealed most 
of their money. Cassius, however, was not to 
be over-reached. He offered large rewards for 
the discovery of hidden hoards, and inflicted 
the death penalty on those who had concealed 
them. When the Rhodians saw that the victor 
was not to be trifled with, they begged for an 
extension of the time for the surrender of their 
property. This was granted, and thereupon, 
says Appian, a very much larger quantity of 
money was forthcoming — ' some digging it 
up from holes in the ground, others drawing 
it from the bottom of wells, others again produc- 
ing it from graves.' What happened at Rhodes ; 
in 42 B.C., must often have happened elsewhere. I 



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J 



COIN HOARDS 



x 3 



The laws of ancient warfare took little regard 
of the rights of private property, and in times 
of danger a most natural instinct would lead 
men to bury their treasure underground, see- 
ing that it would no longer be safe in their 
houses. When the storm burst, some of those 
who had thus concealed their goods would 
be slain or carried into captivity, leaving un- 
claimed deposits to be turned up centuries 
afterwards by the spade of the workman or the 
plough of the peasant. 

"I said that the instinct to bury treasure 
underground in times of danger is a most 
natural one. ... I suppose that everyone 
will agree that there never was a more ' human ' 
man than Mr. Samuel Pepys. His diary for 
the early days of June, 1667, reflects the alarm 
caused throughout London and all over Eng- 
land by the Dutch raid on the Thames. On 
the 10th their ships were at Sheerness, 'and we 
do plainly at this time hear the guns play.' 
Again on the 13th. 'No sooner up but hear 
the sad news confirmed of the Royale Charles 
being taken by them, and now in fitting by 
them . . . and turning several others ; and 
that another fleet is come up into the Hope. 
Upon which newes the King and the Duke of 
York have been below (London Bridge) since 
four o'clock in the morning, to command the 
sinking of ships at Barking Creeke, and other 
places, to stope their coming up higher : which 
put me into such a fear, that I presently resolved 



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14 



COIN HOARDS 



of my father's and wife's going into the country : 
and, at two hours' warning, they did go by 
coach this day, . with about Thirteen Hundred 
Pounds in gold in their night bag. Pray God 
give them good passage, and good care to hide 
it when they come home ! But my heart is 
full of fear. They gone, I continued in fright 
and fear what to do with the rest.' A little 
later in the day he decided. 'I did, about 
noon, resolve to send Mr. Gibson away after 
my wife with another 1,000 pieces, under colour 
of an express to Sir Jeremy Smith.' I shall 
not quote further, but simply refer you to the 
Diary for the sequel. The money was duly 
buried in the garden as Pepys had instructed, 
but the manner of doing it was not at all to his 
mind, and led to one of the little matrimonial 
differences which he so faithfully records. Under 
dates, Oct. ioth, nth, 12th, of the same year, 
you will find full details as to the troubles he 
encountered in digging it up again." 

As an additional illustration of the rea- 
sons for secreting treasure, I submit the 
evidence offered by a Burgundian tapestry, 
dating from 1 400-1 450, in the possession 
of the Metropolitan Museum of Art. The 
subject is the sacking of a city. From the 
analogy which the incidents offer to the 
description of the sacking of Jerusalem as 



NUMISMATIC NOTES 




Container of the Southants Hoard. 




Detail of Burgundian Tapestry. 



COIN HOARDS 


iS 


given by Josephus, it is somewhat hesitat- 
ingly identified as such, and the presence 
of a portable tabernacle, possibly intended 
to represent the Ark of the Covenant, lends 
color to this identification. 

Whether the intended subject is the 
sacking of Jerusalem or not need hardly 
concern us at present. More pertinent is 
the close following of the description given 
by Josephus (Wars of the Jews, Book V, 
Chapters 10 and 13). The distinguished 
historian relates that after the capture 
of Jerusalem, many of the Jews swallowed 
pieces of gold and jewelry to prevent them 
from falling into the hands of the Romans. 
The conditions which resulted when this 
knowledge came to the ears of the Roman 
general are such as were depicted in the 
tapestry. The chest of golden vessels 
should be noted as well as the host appar- 
ently awaiting treatment similar to that 
accorded the kneeling figure in the central 
foreground. The frontispiece enables 
us to dispense with a description of the 
gruesomeness of the scene. One won- 
ders whether the victims may not have 




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i6 



COIN HOARDS 



served as a terrible example in the hope 
that there would result an unearthing of 
treasure similar to that described in con- 
nection with the capture of Rhodes. 
Certainly, there seems to be a free passing 
of coin from hand to hand. 

That such conditions were far from un- 
common in those early days we may well 
believe. What wonder then that the sav- 1 
ings of the people were buried ? When for 
any reason the owner succumbed in battle 
or as a victim of chance, his hidden savings 
have become the source from which we now 
derive so much benefit. 

FINDINGS 

In considering conditions which conduce 
to hoarding, as well as the reasons for the 
burial of the hoards once they have been 
made, an interesting question arises as to 
whose property such a hoard is when it is 
discovered. What have been the laws re- 
garding treasure trove throughout the 
countries of Europe in which finds arei 
common ? 



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COIN HOARDS 


17 


We have a very satisfactory knowledge 
of the Roman law, and it is interesting to 
note that the Romans considered the ques- 
j tion with characteristic thoroughness. The 
very liberal law established by Hadrian is 
known to us in what is practically its actual 
wording. According to its ruling, a private 
individual became the owner of treasure 
discovered on his property. If, however, 
he discovered the treasure on another per- 
son's land, the finder shared equally with 
the owner in the division, and this held 
good even though the land on which the 
discovery was made belonged to the State. 
The laws varied with the changing Em- 
perors, most of them claiming a portion of 
any treasure discovered. A brief summary 
of the laws among the Romans was pub- 
lished in the Numismatic Chronicle, 1902, 
by Messieurs A. Blanchet and H. A. 
Grueber. 

During the Middle Ages, the King 
claimed a right to treasure unearthed in 
his dominions, although sometimes his 
rights were assigned in behalf of one to 
whom the land had been given in fief. 




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COIN HOARDS 



Thus, Henry II granted to the Monastery 
of Ramsey 

' ' To receive sac and soc (the right of holding 
a court), thol and theam (market and the issue 
of the bondsmen), forstal (the intercepting on 
the highway), blodwith (a fine paid as a com- 
pensation for bloodshed) and the finding of 
treasure ; and likewise all other privileges which 
belong to the King." 

The decrees of St. Louis assigned treasure 
trove of gold to the King, but of silver to 
the Baron. The working out of this, how- 
ever, is very indefinite and we may well be- 
lieve that except with finds of exceptional 
value no word ever reached the ears of the 
authorities. 

For England, Blackstone's definition 
will bear quotation as the foundation 
principle : 

"Treasure is where any money, coin, gold, 
silver, plate, or bullion, is found hidden in the 
earth, or other private place, the owner thereof 
being unknown. And in such a case, the treas- 
ure found belongs to the Crown ; but if he that 
hid it be known or afterwards found out, the 
owner, and not the Sovereign, is entitled to it. 
It is the hiding, and not the abandonment, 



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COIN HOARDS 


19 


that gives the King the property ; for if a man 
scatters his treasure into the sea or upon the 
surface of the earth, it belongs not to the Sov- 
ereign, but to the first finder. Formerly, 
indeed, treasure trove, whether hidden, lost, 
or abandoned, belonged to the finder ; but 
afterwards it was judged expedient, for the 
purposes of the State, and particularly for the 
coinage, to allow part of what was so found to 
the King — which part was assigned to be all 
hidden treasure, as distinguished from such as 
! was either casually lost or designedly abandoned 
by the former owner." 

It is the working out of the later adaptation 
of this excellent English law which has 
provided the material for the exceptionally 
complete arrangement of the early coinage 
of the British Isles. England is in advance 
of most other European countries in this 
regard. Under the present laws, the 
Crown claims the right to treasure trove, 
but a fairly liberal offer is made to the 
finder who fully and promptly reports 
s a discovery and turns the whole of it over 
to the authorities. The basis of the find- 
ers ' reimbursement is no longer the bullion 
value of pieces comprised in the find, but 
their antiquarian value. This has re- 




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20 


COIN HOARDS 




suited in making it to the interest of the 
finder to report his discovery to the author- 
ities. Thereby, he receives much more 
than would be the case if he merely melted 
it for its metal content, a procedure pre- 
ferable under the former conditions be- 
cause it dispensed with the interference of 
the authorities. When a find is received 
at the Treasury, it is forwarded to the 
British Museum and there classified. 
Pieces desired for the National Collection 
are set aside and paid for at their market 
value; the remainder, also, is valued 
and returned to the Treasury for such dis- 
posal in the coin market as seems wise. 
The result of this procedure is that finds 
come to the British Museum in their en- 
tirety. Being able to study them with the 
knowledge that the complete hoard is pres- 
ent is a consideration difficult to overesti- 
mate. 

In France, under a law of 1887, the 
State assumes ownership of every object 
found in its domain upon consideration of 
refunding one-half its value to the finder. 
In Italy, also, the State possesses the right 




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COIN HOARDS 



21 



of preemption, but as the indemnity offered 
by the State is small, the result is unsatis- 
factory. Finds of treasure instead of 
being reported are concealed from the 
authorities, and any scientific benefit that 
would come from knowledge of the con- 
tents is thus lost. Although in Asia 
Minor excavations have been carried out 
on a broad scale, the ofnciousness of the 
Turks has made it difficult to derive 
much information regarding finds unless 
they are small enough to escape the atten- 
tion of the officials. 

Receptacles in which hoards are hidden 
vary widely. The smaller hoards are 
usually found in earthen jars; often, they 
are broken in the finding, but the protec- 
tion they have afforded accounts for the 
unusual condition in which some of the 
ancient coins come down to us. Some- 
times the vessel is of bronze, and if the 
soil be a dry one, the oxidation of the jar 
may not have advanced to such an extent 
that its contents are affected. In one case 
the jar had so disintegrated that the 
weight of the gold coins it contained was 



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22 



COIN HOARDS 






greater than it could stand, and the gold 
pieces fell like Danae's shower when it 
was raised. In another case, a small 
hoard was found protected by a horn, and 
in one other instance, about a pint of small 
coins was discovered in a leathern bag 
' further protected by a broken iron pot. 
Hoards have sometimes been brought to 
light by the washing away of a river bank 
or the blowing down of a tree. One of the 
strangest discoveries was made when an old 
oak beam which had been stacked away for 
years after its removal from a demolished 
building was split for firewood; a hole 
which was filled with English gold coins 
was disclosed, and a little further along in 
the same beam a second hole also filled with 
gold coins was found. As may be imag- 
ined, this brought a very pretty question 
as to the ownership of the coins. In the 
British Isles, finds have been discovered 
in wooden boxes, but these are hardly 
likely to last over very many centuries. 
Like bags of cloth, they vanish, leaving 
the material they contain subject to the 
action of the soil. 



NUMISMATIC NOTES 




Container of the Vourla Hoard. 



COIN HOARDS 



The places in which hoards are found 
vary almost as much as the containers for 
them. One might think that remote and 
secluded hiding places would be sought, 
and this is often true. One find was buried 
in the crater of an extinct volcano. An- 
! other was found eight feet below the sur- 
face of the bed of a river while excavating 
! for a new bridge at Bologna. In this case, 
j it was surmised that the owner must have 
been drowned and that a change in the bed 
! of the river had accumulated that amount 
of earth. During the war of 1914-1918, 
j several hoards were discovered in digging 
trenches. 

The difficulties of concealing some of 
these hoards must have been considerable, 
: for the hoard of Brescello is said to have 
contained eighty thousand aurei, all 
struck between the years 708 and 716 
of the Roman era. Finds are frequently 
discovered while digging foundations in 
the modern survivals of ancient cities. 
Frequent finds have been made in this 
way at Taranto. The varying conditions, 
manifold forms and peculiar circumstances 



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24 COIN HOARDS 




which surround each coin find, make them 
fascinating subjects of study. They are 
being utilized more and more by numis- 
matists but even yet their value is not 
fully realized. 

CONDITION 

From the specimens which we see in 
the cabinets of collectors, we are apt to 
form a very incorrect opinion of the condi- 
tion of coins when they occur in hoards. 
Gold coins show effects of burial least. 
None of the soil acids have sufficient 
strength to affect gold, and any incrusta- 
tions are easily removable. Only when 
in very rare cases the mass has been sub- 
jected to compression sufficient to flatten 
or deface the pieces, are the gold coins 
likely to show change. 

With silver the condition is in contrast, 
but when the hoard is protected by an 
earthen or metal container, and when it 
is buried in a soil that is not moist and 
which does not contain chemical agents, 
especially sulphur or chlorine, the surface of 
the piece would in all probability not show 


NUMISMATIC NOTES 





Encrusted stater of Alexander the Great, 
American Numismatic Society's Collection, 



COIN HOARDS 



25 



any very considerable change. If, how- 
ever, the burial is made in a volcanic 
region, the pieces are often found massed 
together and it is all but impossible to 
separate them. Often the silver shows 
pittings or other surface imperfections, 
but usually enough of the coins are legible 
to enable the classification of the others. 
Some of the thin incuse staters of Magna 
Graecia show a crystalline transforma- 
tion of the metal. As a result, the coins 
are so brittle that they break easily. 

As for bronze in its many forms, (brass, 
aurichalchum, copper and pieces plated 
with a light coating of silver) — it suffers 
most of all. Whenever any moisture 
is present, oxidation soon takes place, 
and frequently the bronze coins in a hoard 
will be matted together into a hopeless 
mass. Often, they are covered with 
verdigris, and sometimes it is impossible 
to free them from the accretions. Occa- 
sionally, however — and this is especially 
true with the many forms of Roman 
bronzes — they take on a patina which 
age alone can give. In some places there 

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26 


COIN HOARDS 




results a beautiful turquoise blue, in others 
a rich warm green, while elsewhere a 
deep brown tone is acquired. Occasion- 
ally lead pieces are found, but, unless they 
have been very carefully protected, they 
oxidize and crumble. 

In dating coin finds, a great deal of 
stress is laid upon the condition of the 
pieces. Those which show the least signs 
of wear are likely to be the latest in the 
find. The term fleur-de-coin (flower of 
the die, literally) is used to indicate a 
piece which shows no sign of wear, and 
which is, therefore, approximately as 
it appeared when it left the die. Here, 
Gresham's law comes into play again, 
for in making a hoard under ordinary 
conditions, the brightest and freshest 
pieces are the ones which would be re- 
tained; and as bright coins are likely 
to be the most recent, the burial of the 
hoard is presumably to be dated within 
a short time after such pieces were struck. 
If there occur pieces of one or more cities 
whose coinages have been chronologi- 
cally arranged, and the fleur-de-coin pieces 




NUMISMATIC NOTES 

i 




Mass of encrusted Roman bronze coins. 
American Numismatic Society's Collection. 



COIN HOARDS 


27 


in the hoard confirm one another, then 
there is strong evidence for dating the 
burial shortly after such coins were struck. 
With the absence of contradictory evi- 
dence on the part of other pieces in the 
find, one may with confidence rely upon 
the conclusions thus reached. 

Obviously, some of the most important 
deductions drawn from coin finds are 
chronological. The reason is apparent 
when we recall that not until a late period 
were the Greek coins dated, and that the 
Roman coins of the Imperial period are 
dated according to the annual Tribunician 
Power conferred upon the Emperor. The 
Consular issues, of course, are without 
such dating, and in placing these in their 
proper order, finds have been an indis- 
pensable aid. The indications of style 
are too slight to serve as criteria, and the 
long list of moneyers includes too many 
names of those who never achieved enough 
distinction to entitle them to a place in 
historical records. Hoards of these de- 
narii are of frequent occurrence. With 
the coming of the Goths and Vandals, and 




AND MONOGRAPHS 





*8 


COIN HOARDS 




throughout the Dark Ages, the coinage 
of Europe is rarely dated, with the excep- 
tion of the dinars and dirhems of the 
Arabs. These are dated from the year 
of the Hejira (the Flight of Mahommed, 
622 a.d.), and as they circulated widely 
throughout the Christian as well as in 
the Moslem world from 800-1400 a.d., 
they aid greatly in placing the other coins 
with which they are found. 

It is hardly necessary to point out the 
value of having the coins of a city or 
State arranged in consecutive order. 
With the Greeks, such arrangement 
demonstrates their artistic growth from 
an archaic to a fine style and thence to the 
decadence of Hellenistic times, for, as 
has been said again and again, Greek coins 
form the grammar of Greek Art. The 
history of the innumerable city states 
is clarified, especially when the names of 
the local magistrates begin to appear, j 
as on the late Athenian tetradrachms 
(229 B.C. to the time of Augustus). In 
addition, there are valuable sidelights 
on the life of the people. Coins late in a . 


NUMISMATIC NOTES 



COIN HOARDS 


29 


series will frequently afford an explana- 
tion of types used centuries before. A 
single instance of the classifying value of 
finds is submitted. 

For many years it has been an open 
question whether the coins of Lacedaemon 
i with the archaic votive statue of Apollo and 
isome of the succeeding types belonged to 
! Sparta or to Alaria in Crete, the A A under 
ithe second attribution being considered 
1 retrograde. The authorities were divided, 
and the style offered no assistance. Within 
the past twenty years, a hoard found in 
Sparta has definitely established that these 
coins have nothing to do with Crete. 

Aside from these reasons, the chrono- 
logical ordering is desirable if only for the 
dating of further finds. It is to classi- 
fications such as have been outlined above, 
that we turn for information in approxi- 
mating the dates of new finds — Head's 
coinage of Syracuse for Sicily; of Boeotia 
for Central Greece; Gardner's 'Elis'; 
Evans' 'Horsemen of Tarentum' for 
Magna Graecia ; Mommsen and Haeber- 
lin for Pre-Imperial Rome; Sir John 




AND MONOGRAPHS 





30 COIN HOARDS 



Evans for Early British Coinage ; Schlum- 
berger for the Bracteates — all these are I 
of greatest importance in establishing ai 
date for the burial of a hoard in which' 
occur any pieces of the respective series 
of which they treat. These wonderful) 
arrangements are edifices into which have 
been built all the knowledge and experi- 
ence of their authors. Not always is I 
the reasoning which has governed the 
arrangement given ; in many cases it 
would unduly burden the reader. The 
stanchness of the whole, however, is its 
best claim to consideration as a sound 
piece of construction. Style, fabric, types, : 
peculiarities of inscription, magistrates' 
and artists' signatures — all these internal 
evidences are utilized to the fullest extent, 
while external data, obtained from con-i 
temporary writers or monumental inscrip- 
tions, is combined with information de- 
rived from finds and hoards, to bring about 
the final result. The ordering of these 
bits requires the nicest logical discrimi- 
nation and a freedom from bias such as 
few investigators possess." 






NUMISMATIC NOTES 



COIN HOARDS 



3i 



The confirmative value of finds can 
best be demonstrated by a supposititious 
case. If we assume three finds each 
containing coins of one city, and assume 
again that all three may be dated from 
the issues of other cities included in the 
finds, and that these datings mark an 
interval of fifty years, it is evident that 
the types occurring in Find B, which are 
not in A, are likely to have been issued 
during the interval of fifty years which 
separates them. This will, also, hold for 
iFind C as compared with B. By arrang- 
ing these pieces in three groups, it will be 
seen that we have a criterion of style 
enabling the interpolation of other types 
! which do not occur in these finds. With 
information from other sources and the 
internal evidences of the coins themselves, 
we may by all these means arrive at an 
ordering which will meet with general 
acceptance. 

Commercial lessons which we may 
draw from hoards promise to be of very 
great value, but, with comparatively 
few exceptions, they have not yet been 



AND MONOGRAPHS 



32 


COIN HOARDS 




realized. The whole matter of commerce 
has hardly been given sufficient weight 
in our consideration of the early coinages. 
Babelon shows (Trait e, Tome I, Parte I, 
pp. 23, 24) that it has been possible to 
mark out the commercial routes of the 
mediaeval merchants from the evidence 
provided by finds, coupled with the con- 
firmation which the geography of the 
country supplies. Thus, we know from 
the hoards of oriental coins throughout 
Austria, Russia and Sweden the overland 
route which the Arabs took to reach a 
far-away Scandinavian market. One of 
such of these finds numbered over eleven 
thousand Arab dinars. 

Monsieur A. Blanchet has given an 
admirable demonstration of this use of 
finds in his very carefully studied essay, 
'Recherches sur ^Influence Commerciales 
de Massalia, en Gaule et dans lTtalie 
Septentrionale, ' Revue Beige 1913. He 
lists and describes 117 different finds in 
which the coins of Marseilles, which began 
as a Greek colony, occur. From the 
evidence of these finds, he is able to sketch 




NUMISMATIC NOTES 



1 

COIN HOARDS 


33 


not only the growth of the commercial 
influence of the metropolis of Southern 
Gaul, but to demonstrate the successive 
steps in its growth. This is possible be- 
cause the neighboring people imitated 
the type of Massalia, and by locating the 
occurrence of these imitations, he is able 
to define the limits reached by the mer- 
chants of this city; and from the types 
imitated, approximately the time their 
influence reached this section. His con- 
clusions are borne out by the coincidence 
that the finds occur along the line of the 
least geographical resistance. 

Most of the deductions which we have 
been discussing as having been drawn 
from finds of coins are quasi-historical, 
and because it is very difficult to distin- 
guish between the information drawn 
from the finds and that derived from the 
coins themselves, it seems unwise to insist 
upon that point in this connection. Let us 
bear in mind that the ancient coins, espe- 
cially with the Greeks and Romans, are 
each of them a historical document. We 
have for an illustration the confirmative 




AND MONOGRAPHS 





34 



COIN HOARDS 



value of the findings of various hoards of 
coins along the line of the wall built by 
the Romans across the northern part of 
England to prevent the incursions of the 1 
Picts. These have contributed to the 
discovery of traces of that wall. In its 
political phases, finds have clarified some: 
of the many troublesome questions as 
to the extent of the mediaeval principali- 
ties in Germany and Central Europe. 

ANADOL FIND 

There are a number of finds of great 
importance to the history of numismatics, 
and a brief mention of some of these will 
not be out of place. One such occurred 
near Anadol, a little town in Bessarabia, 
in 1895. Some peasants, when excavat- 
ing, discovered a bronze vase containing 
nearly a thousand gold coins of the period 
of Alexander the Great. What was more 
important than the number, was the 
fact that among the 979 pieces which were 
secured for the Coin Cabinet of the 
Hermitage, there were 457 varieties, and 



NUMISMATIC NOTES 



COIN HOARDS 


35 


of these, 174 had not been previously 
recorded. The addition to our knowledge 
of symbols and monograms was very 
considerable, and Muller's work on this 
coinage was made obsolete by the Anadol 
Find. 

AURIOL HOARD 

This find was made in 1867. It con- 
sisted of 2130 silver coins all uninscribed 
and all of the Archaic Greek style. They 
were discovered in an earthen vase. 
Auriol is only a short distance from Mar- 
seilles. The question arose immediately 
— were these then the earliest coins of 
that Greek Colony? Although numis- 
matists have not been able to agree in 
their conclusions about the find, Monsieur 
Babelon's resume of the evidence is made 
with his characteristic thoroughness, and 
there is slight reason for doubting the date 
he assigns for the burial (later than 480 
B.C. and probably between 470 B.C. and 
460 B.C.). Fortunately, a selection of 
almost all the varieties was secured 
for the Paris Cabinet where they are avail- 




AND MONOGRAPHS 





36 



COIN HOARDS 



able for study. Monsieur Babelon's ac- 
count includes the record of finds of simi- 
lar coins, and his position with regard to 
them is in all probability the one which 
will have the widest acceptance. 

Le Tresor d'Auriol, et les Principales Trou- 
vailles de Monnaies Grecques Primitives en Occi- 
dent. Traite — Vol. I, Part 2, pp. 1569-1584. 

BOSCOE REALE FIND 

Sometimes the circumstances surround- 
ing a find date it absolutely, and then 
we have a very different angle of approach. 

Bosco Reale lies on a slope of Mount 
Vesuvius and, together with Pompeii and 
Herculaneum, was buried in the eruption 
of 79 a.d. One of the villas was unearthed 
in 1895 in an unusual state of preserva-! 
tion. The wall paintings of the cubiculum 
of a neighboring estate excavated a few 
years later are now exhibited in thei 
Metropolitan Museum of Art, New York 
City. The portion of the treasure con- 
sisting of well-preserved vessels of silver 
in high relief was purchased and given 

NUMISMATIC NOTES 



COIN HOARDS 


37 


! 

to the Louvre. This treasure of silver 
vessels and jewelry was discovered in one 
of the small rooms in the villa, and not far 
away there lay a stretched-out body — 
perhaps the owner, possibly only a faithful 
slave left on guard. As part of the treas- 
ure, there was a small chest containing 
more than a thousand aurei ranging from 
the issues of Augustus to those of Domi- 
tian. Knowing that the catastrophe took 
place in the year 79, we have a valuable 
indication of the types which passed cur- 
rent at that date. It was noticeable that 
the pieces of Augustus and Tiberius were 
more numerous than would have been 
expected and that they were worn smooth 
through circulation while those of the 
other and later Emperors were in the 
finest condition. We have here, then, a 
burial which was accidental rather than 
due to fear, and not in the strictest sense 
a hoard at all. Presumably, it consisted 
of the "ready money'' in possession of the 
owner of the estate. 




AND MONOGRAPHS 





38 



COIN HOARDS 



VICARELLO HOARD 

Some hoards suggest that they have 
been buried for reasons which do not give 
evidence of fear as the determining motive. 
Such a one was the hoard of Vicarello 
unearthed as long ago as 1852, on the site 
of some hot springs which seem to have 
been noted for their healing qualities from 
very early times. The hoard consisted 
not only of the heavy early bronze coinage 
of Rome and Central Italy, but coins of 
the South Italian Greek cities as well. 
The interval covered by the pieces in the 
find was great; and the probability is 
very strong that we have in this case 
offerings made to the Divinity of the 
hot springs by those who had benefited 
there. Whether or not the accumulation 
was the result of a practice such as 
maintains today among travellers in Rome 
who drop their small coin into the waters 
of the Fountain of Trevi we cannot be 
sure, but this seems likely. The occur- 
rence of the early crude bronze pieces of 
the Romans among the others has been 



NUMISMATIC NOTES 



COIN HOARDS 


39 


accepted as prima facie evidence of their 
use as currency. Macdonald gives an- 
other instance of a similar nature — the 
find in Coventina's Well at Carrawburgh, 
a station on the line of Hadrian's wall. 

SAIDA FIND 

Saida is a small port on the Syrian coast 
of the Mediterranean and was the site 
of a find of which an entirely satisfactory 
explanation has never been offered. In 
the garden of a country estate, in 1820, a 
find was exhumed, which from report 
seems to have been of considerable size. 
Such was the fear of the authorities, 
however, that the hoard was secretly 
sold to jewelers and probably the greater 
;part of it was melted. Twenty-three 
years later, in 1852, in the same garden, 
a second find was made within a few feet 
of the site of the first. There were three 
leaden vases, each containing about twelve 
hundred gold pieces. The local authori- 
ties put into prison those who were sus- 
pected of having had anything to do with 




AND MONOGRAPHS 





4Q 


COIN HOARDS 




the discovery, but their high-handed 
procedure obtained for them only about 
eighteen hundred pieces, which were sent 
to Constantinople. The total number of 
pieces in the lot must have been over 
three thousand; they included staters 
and double staters of Alexander and 
staters of Philip II. In 1863, that is, 
eleven years later, a third discovery was 
made in this same garden within a short 
distance of the spot on which the other 
two were discovered. As with the second 
find, the money was enclosed in three 
vases of lead of the same size as the others 
but different in shape. Each contained 
about twelve hundred pieces. Two held 
staters of Alexander the Great only; the 
third, other staters as well. Had it been 
possible to secure these three hoards) 
intact and to have had an accurate de- 
scription of them, it is very probable that 
we could have arranged the gold coinage 
of Alexander the Great completely. 




NUMISMATIC NOTES 

1 



COIN HOARDS 



4i 



BLACKMOOR HOARD 

This find consisted of close to thirty 
thousand coins which were enclosed in 
two earthen pots near Woolmer Common 
in Hampshire. Evidences of a battle in 
the neighborhood, together with its size, 
lend color to the conjecture that this may 
have been the military chest of Allectus, 
the successor of the " Emperor " of Britain, 
and that it was buried just previous to 
his last fight, 296 a.d. The hoard is in- 
teresting because of the number of pieces 
of the two emperors whose coins were the 
latest of those present. Of Allectus, there 
were ninety, comprising ten varieties, and 
of his predecessor, Carausius, 545 speci- 
mens, comprising 160 varieties. The reign 
of each was brief — presumably, most 
of their issues were present in the find. 

ECONOMY HOARD 

It may seem fitting to close with the 
account of an American hoard which 
offers some points of contrast with those 
already mentioned. 



AND MONOGRAPHS 



42 


COIN HOARDS 




The town of Economy, Pa., is situated 
on the Ohio River not far from Pittsburgh. 
It was the home of a community known 
as the Harmonists, established by George 
Rapp about 1803 at Harmony, Butler 
County, Pa. After removing to Indiana 
and back again, one branch of it settled 
in Economy. Among its members were 
Bernhard Muller, and two of the sons of 
Robert Owen who had been connected 
with the Indiana community. Rapp died 
in 1847. Through prosperous business 
management the community had accumu- 
lated a sum which was estimated at nearly 
$500,000 at the time of the Civil War. 
From the beginning they had manifested 
a distrust of banks and banking institu- 
tions, and a large part of this sum was in 
bullion, the remainder being in govern- 
ment bonds. 

In 1863, during the Civil War, the raids 
of the Confederate General Morgan in 
Kentucky, Indiana, and Ohio caused the' 
secreting of this accumulation in an under- 
ground vault ; and it seems to have re- 
mained hidden until 1878, when the in- 




NUMISMATIC NOTES 



COIN HOARDS 


43 


vestment of a large sum in a railroad then 
being constructed brought it out of con- 
cealment. 

The accumulation contained a large 
number of comparatively rare dollars and 
half-dollars amounting to $75,000, ac- 
cording to information which there is very 
little reason to doubt. There were eight 
hundred dollars of 1795, thirty of 1798 
with the small eagle, two 1796 half-dollars 
and one of 1797. In addition, there were 
French, Spanish, and American pieces 
to a value estimated at $12,600. It will 
be recalled that these pieces circulated 
freely almost up to the time of the Civil 
War. 

This hoard would have been an ideal 
one for numismatic treatment because it 
afforded evidence of the circulation within 
a definite period of the pieces included. 
Unfortunately, with the exception of the 
record of the rare mint issues, no informa- 
tion regarding the remainder seems to 
have been preserved. 

In presenting this material, the effort 
has been to give a general idea, rather 




AND MONOGRAPHS 


. 



44 



COIN HOARDS 



than specific or scientific treatment, of this ! 
phase of numismatics. It is hoped that; 
analyses of several finds to be published; 
later will give a further demonstration 
of the value of hoards and treasure trove. 

BIBLIOGRAPHY 

Aristophanes. Frogs (vv. pp. 718-726, 
Brunck's edition). 

Babelon, Ernest. Le Tresor d'Auriol, et les 
Principales Trouvailles de Monnaies Grecques 
Primitives en Occident. Trait e, Tome I, Part 2, 
pp. 1571-1584. 

Blanchet, Adrien. Recherches sur l'ln- 
fluence Commerciales de Massalia en Gaule et 
dans l'ltalie septentrionale. Revue Beige de 
Numismatique, 1913, pp. 291-398. 

Blanchet, Adrien. Les Tfesors de mon- 
naies Romaine et les invasions Germaniqu.es en 
Gaule. Paris, 1900. 

Blanchet, Adrien, & Grueber, H. A. Treas- 
ure-Trove. Its Ancient and Modern Laws. 
Numismatic Chronicle, 1902, p. 148. 

Evans, Sir Arthur J. The Horsemen of Ta- 
rentum. Numismatic Chronicle, 1889, pp. 1-228. 

Evans, Sir John. The Coins of the Ancient 
Britons, 1864. 

Gardner, Percy. Coins of Elis. Numis- 
matic Chronicle, 1879, pp. 221-273. 



NUMISMATIC NOTES 



COIN HOARDS 



45 



Gide, Charles. Principles of Political Econ- 
omy (Veditz' Second American ed. 1909, p. 238). 

Haeberlin, F. J. Aes Grave. 2 v. 1910. 

Head, Barclay V. On the Chronological 
Sequence of the Coins of Syracuse, 1874. 

Josephus. Wars of the Jews, Book V, 
Chs. 10 and 13. 

Macdonald, George. Coin-Finds and how 
to interpret them. (In Proceedings of the Royal 
Philosophical Society of Glasgow, v. 34, 1902- 
1903, p. 282.) 

Mommsen, Theodore. Histoire de la Mon- 
naie Romaine. 4 v. 1865-75. 

Muller, C. L. Numismatique d' Alexandre 
le Grand. 1855. 

Schlumberger, G. L. Les Bracteates d'Al- 
lemagne. 1875. 

HOARDS ARRANGED AS TO SITES 

Anadol, Rumania, 1895. 

Pridik, E. Stateres d'or trouves a Anadol 
. . . Bulletin de la Commission Imperiale 
Archeologique (Russe), 3. livr. pp. 58-92. 
Rivista Italiana Numismatica, 1895, p. 407. 

Auriol, France, 1867. 

Babelon, Ernest. Le tresor d'Auriol. 
Traite des monnaies grecques et romaines, 
v. 1, 1907, pt. 2, pp. 1575-1618. 
Blancard, Louis. Le tresor d'Auriol. 



AND MONOGRAPHS 



4 6 



COIN HOARDS 



Blanchet, Adrien. Traite des monnaies 

Gauloises, pp. 227, 544. 
Chabouillet, A. Revue Numismatique, 1869, 

p. 348; 1874, p. 164. 
Blackmoor, England, 1873. 

Selborne. On a hoard of Roman coins found 

at Blackmoor, Hants. Numismatic Chron- 
icle, 1877, v. 17, p. 90. 
Bosco Reale, 1894. 

Blanchet, Adrien. Recherches sur la circu- 
lation de la monnaie en or sous les empereurs 

Romains. In Revue Beige de Numis., 1899, 

p. 277. 
Canessa, Cesare. Le Tresor monetaire de 

Boscoreale. In Le Muste, 1909, p. 259. ! 

II Ripostiglio di Bosco Reale. In Rivista 

Ital. Numis., 1895, p. 494. 
Economy, Pennsylvania, 1878. The Econ- 

omite Treasure, Scotfs Coin Collector s 

Journal, 1881, p. 47. 
Vourla, Asia Minor, 191 1. 

Gardner, Percy. Note on the coinage of 

the Ionian Revolt. Journal of Hellenic 

Studies, v. 33, 1913, p. 105. 
Jameson, Robert. Trouvaille de Vourla, 

monnaies grecques des VI e et V e siecles. 

In Revue Numis., 191 1, p. 60. 

VlCARELLO, 1852. 

Garrucci, R. Le monete dell' Italia antica, 
p. 4. 



NUMISMATIC NOTES 






COIN HOARDS 



47 



Sambon, Luigi. Recherches sur les monnaies 
de la presqu'ile Italique, pp. 26, 29. 
South ants, England. 

Hill, George Francis. A hoard of Roman 
and British coins from Southants. Numis- 
matic Chronicle, 191 1, p. 42. 
Saida, Syria, 1829, 1852, 1863. 

Rouvier, Jules. Revue des etudes grecques, 
1899, v. 12, p. 380. Revue Numismatique, 
1865, pp. 3-25. The treasure trove at 
Sidon, American Journal of Numismatics, 
v. 4, p. 76. (For same article, see Numis- 
matic Chronicle, 1865, p. 179.) 

Waddington, W. H. Trouvailles de Saida 
et de Marmara. Revue Numis., 1865, 
p. 1. (For same article, see his Melanges 
de Numismatiques, p. 33.) 



AND MONOGRAPHS 



PUBLICATIONS 



The American Journal of Numismatics , 
1866-date. 

Monthly, May, 1866-April, 1870. 
Quarterly, July, 1870-October, 191 2. 
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Less than a dozen complete sets of the Jour- 
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Those wishing to fill broken sets can secure 
most of the needed volumes separately. An 
index to the first 50 volumes has been issued 
as part of Volume 51. It may also be pur- 
chased as a reprint for $3.00. 



The American Numismatic Society. Catalogue 
of the International Exhibition of Contempo- 
rary Medals. March, 1910. New and revised 
edition. New York. 191 1. xxxvi, 412 
pages, 512 illustrations. $10.00. 

The American Numismatic Society. Exhibition 
of United States and Colonial Coins. 1914. 
vii, 134 pages, 40 plates, $1.00. 



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lished drawings of Napoleonic medals, .... 
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